Weekly wrap - Friday 8th January
Welcome to the new year!
There have been some interesting stats to come out of one of the major banks. Of the customers they surveyed, 52% of people said that they improved their financial wellbeing between February and November last year. So during a time which was probably one of the most challenging in recent memory, over half of respondents either reduced expenses, increased savings and paid off debt. This is awesome to hear, and got us thinking about how we can help you to make some positive changes in the year ahead.
Getting into better shape in 2021
Number one - set a realistic budget. Something that you can stick to and that's written down. The second tip is living below your means - less Uber Eats, more Jamie Oliver. There are great tools that can help in you create a budget and monitor your spend. There's the Money Smart calculator on the ASIC website. The banks have got track my spending apps.
Starting the new year fresh by reviewing all of your insurances, subscriptions, memberships, phone plans etc. When all those bill payments and direct debits trickle out of your account automatically, you don't really see them. It can be surprising and little confronting when you start to measure and track them, but rewarding when rein in those expenses.
Tip number 3 is to ring us. Maybe that should be tip number one! First thing you do to improve your financial position in 2021 is ring us. We'll do the rest. Let's start the conversation about your goals and how we can help you get there.
What's happening in the lending market?
The banks are still taking their time. They are still lending money, and of course rates have never been cheaper. There are record volumes in the market in term of sales and of loans. Because of that, banks are just taking that little bit longer, meaning we need to be organised.
We need to be talking a few weeks out - a lot of banks wouldn't make 14 days in the current market. From our side, it's spending the time understanding your needs first, working in your best interest to show you the process, doing the research. When you have 60 plus banks to consider who might be the best fit for you...it takes a little bit of time.
In a market like this (a lot of people wanting to buy) you've got to be in the very best position to be able to negotiate and get an offer accepted. We see a lot of people that miss out because they're not organised. For us, it's really important our clients are the top dogs in every situation, able to put their best foot forward to secure that property. So get on the front foot and reach out to us.
Looking forward to being of service to you in 2021!